Data: After opening withdrawals, Binance's Bitcoin balance dropped from 732,000 to 711,000, a decrease of less than 3%.

BlockBeats news, November 3rd - Market analyst Murphy stated that since Binance gradually opened withdrawal functions starting November 1st, a wave of withdrawals has been observed. On-chain data shows that the BTC balance dropped from 732,000 to 711,000, with a total of 21,064 BTC withdrawn. The amount is not small, but compared to the total balance, the proportion is not large, less than 3%.

The analyst believes that from a risk diversification perspective, allocating some assets to multiple trading platforms would be a relatively reasonable option. However, it cannot be 100% guaranteed that other trading platforms will not be hacked in the future and that full compensation can be provided after an incident. In terms of solvency, Binance still has $139.7 billion in on-chain asset reserves, with BTC and USDT accounting for nearly 60%, BNB 18%, and ETH 6%. Binance's reserve amount remains in a league of its own.